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Summit Group LLC - Unlicensed Payday Loans

Date Posted:

Tuesday, May 24, 2011

Summit Group LLC may also be doing business as SSM Group.

The Washington State Department of Financial Institutions is warning consumers to verify the license of any lending professional they are considering doing business with. You can verify a license online at www.dfi.wa.gov.

Summit Group LLC (Summit Group), which may also be known as SSM Group LLC (Summit Group), provides short-term loans (“payday loans”) to consumers via the internet. Summit Group engaged in lending money short-term to consumers who pay back the loans by authorizing repayment from their checking accounts, typically about a week later. Summit Group or SSM Group may make debits from consumers’ bank accounts for a longer time and for larger amounts than necessary to repay the loan. Summit Group may also “renew” loans automatically if the consumer does not “opt out,” which results in the debt increasing steadily with additional fees and interest added.

Neither Summit Group nor SSM Group is licensed by the Washington State Department of Financial Institutions. The company is not registered to do business in Washington by either the Department of Revenue or the Washington Secretary of State.

If you have a complaint involving Summit Group or SSM Group, you may need to deal directly with the company to resolve any disputes.

The Department strongly recommends consumers only deal with those payday loan companies that are properly licensed by the Department to conduct such business.